Up until now the US budget deficit has been financed by the (mainly)
Asian export countries recycling their trade surplus dollars into US
treasuries. This worked out nicely for the US, however there is a
problem now. The trade surpluses of those countries never even
approached the amount that the US government now needs to borrow, even
during the good times. Now, with trade surpluses dropping, those
countries will be able to afford even less US treasuries. The
government will be forced to print the money it needs, thereby
destroying the value of the dollar.

Make no mistake though, this is what the government wants. Paying back
colossal debts in worthless currency is not a difficult task. The US
government wants to spend as much as possible now, and thereby control
the devaluation of the dollar themselves...before others come to the
realization that America can never pay back it's current debts and
liabilities in the current circumstances. By the time America's
creditors come to this realization, they will be sitting with
mountains of worthless paper; their hard-earned money having gone to
bail out banks, invade foreign countries and propping up the American
consumer.

They will have been victims of the greatest fraud and the largest
bubble in history - The U.S. Treasury Bond Bubble.

P.S. If you think treasuries AREN'T a bubble, ask yourself why people
would buy them at negative interest rates. This kind of thing only
happens during bubble-based booms. Prepare yourselves.